FX.co ★ Elliott wave analysis of EUR/NZD for September 30 - 2016

Wave summary:

Only a break above 1.5553 will confirm the next impulsive rally higher to 1.5969 and higher. As long as resistance at 1.5553 is able to act as cap more corrective behavior between 1.5300 and 1.5510 can't be excluded. We even can not exclude a final break below 1.5300 for a move closer to 1.5255 before the correction in wave [ii] finally is complete and wave [iii] towards 1.5969 can take over.

Trading recommendation:

We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5255 or upon a break above 1.5553 and use the same stop at 1.5120.